Why Socialists Shouldn’t Run Big Comapanies

LGF links to an interesting article laying out the evidence that Hugo Chavez is wrecking the Venezuelan state oil company, forcing Venezuela to actually import Russian oil so that it can meet its delivery contracts. The article claims Venezuelan oil production has been cut in half since the accession of Chavez, who replaced politically unreliable oil technicians with dependable but incompetent sycophants. Since Chavez is spreading his influence throughout Latin America largely by providing cheap oil to Cuba and other countries with likeminded leaders, a collapse in Venezuelan oil production could profoundly damage Chavez’s so-called Bolivarian revolution.